Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


MARKET CLOSE: NZ shares gain; ANZ, Westpac rise

MARKET CLOSE: NZ shares gain; ANZ, banks shrug off capital requirements

Dec. 23 (BusinessDesk) – New Zealand shares rallied as Australia & New Zealand Banking Group and Westpac Banking Corp shrugged off Australian regulatory requirements to hold more capital and offshore investors saw value in a market that has lagged global peers in recent days.

The NZX 50 Index rose 41.444 points, or 0.9 percent, to 4722.635. Within the index, 33 stocks rose, 11 fell and six were unchanged. Turnover was $93 million.

ANZ Bank rose 1.8 percent to $34.62 on the NZX and Westpac gained 2.1 percent to $34.70. Australia’s banking regulator said that nation’s four largest banks, which include ANZ and Westpac, will need to carry an extra 1 percent of core tier 1 capital from Jan. 1, 2016.

“It hasn’t seen a massive impact on the market,” said Greg Easton, an adviser at Craigs Investment Partners. “It isn’t that severe a regulation to implement.”

A2 Corp led gainers, rising 6.7 percent to 80 cents.

Hallenstein Glasson Holdings rose 4.5 percent to $3.70, leading some retailers higher after Paymark said spending in the first three weeks of December was 6.9 percent up on the same period last year, suggesting retailers may be in for a strong Christmas.

Michael Hill International rose 3.7 percent to $1.41 and Kathmandu rose about 3 percent to $3.48. Warehouse Group slipped 0.5 percent to $3.65.

Among market heavyweights, Fletcher Building rose 1.8 percent to $8.54 and Telecom rose 1.3 percent to $2.34.Auckland International Airport gained 2 percent to $3.55.

“There’s been a few people looking to pick up a bargain,” Easton said. “We’ve lagged the rest of the world.”

Guinness Peat Group fell 1.7 percent to 58.5 cents after saying the UK Pensions Regulator had issued warning notices over two of its pension plans.

Chorus, the network operator, fell 1.4 percent to $1.445 after the Commerce Commission said in its latest benchmarking report that prices for a combined package of broadband and phone services have fallen over the past two years but remain higher than the OECD average, while so-called naked broadband prices are now below OECD peers.

Summerset Group rose 0.6 percent to $3.25 after the retirement village operator named Housing NZ’s chief financial officer named Scott Scoullar as its CFO.

New Zealand Oil & Gas was unchanged at 80 cents after taking an interest in an Indonesian prospect.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news